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Graham Awarded $5 Million Oil Refining & Nuclear Orders

Source: www.gulfoilandgas.com 5/31/2012, Location: Asia

Graham Corporation, a global designer and manufacturer of critical equipment for the oil refining, petrochemical and power industries, including the supply of components and raw materials to nuclear energy facilities, announced that it has been awarded $5.0 million in new orders. The orders awarded to Graham span two key markets within the Company’s targeted energy industry: oil refining and nuclear energy. Graham’s first win in the nuclear energy market in China is for ejector systems to be built in Graham’s Batavia operation. The ejector systems will be installed at four Chinese nuclear energy facilities currently under construction. The second order is for an ejector system with liquid ring vacuum pumps that will be installed in an existing Chinese oil refinery to nearly double its capacity as demand for transportation fuels in China continues to grow. Both orders have planned delivery schedules within the current fiscal year, which ends March 31, 2013.

James R. Lines, Graham’s President and Chief Executive Officer, commented, "We have successfully secured our third order within the past two months for oil refining capacity investments in China, marking what we believe is a continued high level of confidence in our brand. Of significance is our entrance into the nuclear energy industry in China, which is expected to expand significantly over the next ten years. The four nuclear energy reactors currently under construction in China are well advanced in their procurement cycle for critical equipment. I believe that these orders are a testament to our strategy in China to establish our capabilities, build awareness and develop customer relationships. We have earned a large share of incremental capacity added during the past six years in the Chinese oil refining market, and we are now successfully expanding into the petrochemical and nuclear industries.

“Both domestically and internationally in all of our markets, we continue to experience elevated bidding activity as the pipeline of opportunities expands. We finished fiscal 2012 with $42.3 million of orders in our fourth quarter, and it is encouraging to have this momentum carry into the first quarter of 2013.”

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